Starting a business is no easy task – there are lots of things you need to juggle at the same time, making it more difficult to make your business a success.
The success rate for start-up businesses isn’t as high as what you would think, and sometimes some of the essential things that you need to take into consideration are missed. We’ve listed out the top things you need as a start-up business to survive.
A Mission and Vision
Every start-up company needs a mission and vision clearly laid out. This will give you a clear sense of direction as to where you want to take your business and confirm to any prospective customers your core values as an organisation. These days, what your business stands for can be a major factor when people are looking to make any kind of purchase. Make sure that your company has a clear identity and you are more likely to attract prospective buyers and top talent. It should be displayed on your website, as well as any offline materials that you create.
The Right Team
If you need a team in place in time for your business starting up, then it’s important that you try and get the right one from the get-go. You need to clearly define what you are looking for in your employees within your company and create a job role and description that fits with that. Make this as detailed as possible to attract the candidates with the correct skills, experience and qualifications. To make the process easier for you, you may want to outsource your recruitment to an agency who specialises in headhunting or finding suitable candidates for similar roles to you are advertising. This will usually speed up the process too, as they will generally already have a pool of talented people looking for jobs in your industry.
An Online Presence
The digital age has changed the way in which small start-up businesses grow. You need to make sure you keep ahead of the competition in the online world, and make sure you make the right first impression when people come across your website. You need to establish yourself as a forward-thinking company. In terms of your website, you need to make sure that it’s mobile optimised, it sends the correct message, and its user friendliness to make the user can quickly understand who you are and what you do. It’s also a good idea to make use of social media channels. These should be regularly updated with regular news to show that you are an industry leader, company news should you be attending an event
Project Management Tools
You want to make sure that you are monitoring your processes and effectiveness from the get-go, and this is why you need Kanban software. Kanban software is a workplace visualisation tool which allows you to see every single element of process within your company, including who is accountable for what. It works best when it is heavily detailed, which means you can see any bottlenecks, or exactly where the process falls down. When this can be identified so specifically, it allows you to make any improvements quickly and to continuously improve your processes and work more efficiently. This will also reduce the amount of time you need to spend on traffic meetings etc, to be kept in the loop as to where your team are with certain projects. It will all be in front of you to make life much easier.
Budgeting Processes in Place
This is usually what business owners hate the most, but it is a necessary evil of owning a start-up business. You need to get this right straight away, alternatively things could spiral out of control quickly. You should use an accountant to help you out with this. Once they know all of the financial information – they will be in a great position to create budget plans for your business. You can review your accounts together, and he can monitor the profit and loss to make sure you are setting aside the correct amount needed for VAT returns, corporation tax etc. There are also some great account management software’s out there such as Xero, that will help you keep track of the length of time it takes for clients to pay invoices, outstanding invoices etc to make it easier to keep track of finances.
Starting up a business can be a daunting task, and whilst you are busy trying to do everything all at once, it’s easy for some things to go amiss. Hopefully our checklist of what every start-up should have will help you on your way.